DMG Adds HIVE as a Hosting Client and Sells 1,240 M30s Miners
VANCOUVER, British Columbia, Nov. 06, 2020 (GLOBE NEWSWIRE) — DMG Blockchain Solutions Inc. (TSX-V: DMGI) (DMGGF:OTC US) (FRANKFURT:6AX) (“DMG” or the “Company”), a diversified blockchain and technology company, is pleased to announce it has added HIVE as a hosting client, and sold 1,240 M30s miners.Highlights:DMG sells 1,240 M30s miners to HIVE in an all cash transaction for USD$3.4 MillionDMG to host miners at the Company’s Christina Lake facilityDMG to soon provide detail on its strategy to achieve its self-mining goals with latest technology miners
DMG is pleased to announce the sale of 1,240 M30s miners to Hive Blockchain Technologies Ltd. (TSXV: HIVE) (OTCQX: HVBTF) (FSE: HBF) (the “Company” or “HIVE”) in an all cash transaction for USD$3.4 million. Hive’s new miners will be hosted by DMG at the Company’s facility in Christina Lake BC.HIVE is one of the leading North American-based digital currency miners and was one the first mining companies to publicly list on a major stock exchange.DMG has had business discussions with HIVE in the past, but this transaction represents the first hardware sale and hosting agreement between the companies. Proceeds will be used to pay equipment financing charges and to potentially secure DMG’s upcoming mining fleet.Dan Reitzik, “DMG is excited to add Hive as a new hosting client and partner. This transaction strengthens DMG’s balance sheet as we continue to work towards our self-mining goals, and to ensure DMG’s fleet continues to be newest generation technology. We will provide an update detailing our miner purchase strategy in the near future”.About DMG Blockchain Solutions Inc.DMG is a diversified cryptocurrency and blockchain platform company which is focused on the two primary opportunities in the sector – mining public blockchains and applying permissioned blockchain technology. DMG focuses on mining bitcoin, providing hosting services for industrial mining clients, earning revenues from block rewards and transaction fees, developing data analytics and forensic software products, working with auditors, law firms, and law enforcement to provide technical expertise. DMG’s permissioned blockchain technology is focused on developing enterprise software for the supply chain management of controlled products. DMG’s strategy is to become the domain experts across the business verticals it focuses on. DMG’s management team includes seasoned crypto experts, forensic & financial professionals and blockchain developers with deep relationships throughout the industry, with previous experience working at Bitfury, PwC, EY, Cisco and UBS.For more information on DMG Blockchain Solutions visit: www.dmgblockchain.comOn behalf of the Board of Directors,
Daniel Reitzik, CEO & DirectorFor further information, please contact:DMG Blockchain Solutions Inc.Daniel Reitzik
Web: www.dmgblockchain.comCautionary Note Regarding Forward-Looking InformationThis news release contains forward-looking information based on current expectations. Statements about the Company’s plans to secure DMG’s upcoming mining fleet, courses of action, and the potential of the Company’s technology and operations, among others, are all forward-looking information. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified by the use of forwarding looking wording such as “may”, “expect”, “estimate”, “anticipate”, “intend”, “believe” and “continue” or the negative thereof or similar variations. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including but not limited to, business, economic and capital market conditions; the ability to manage operating expenses, which may adversely affect the Company’s financial condition; the ability to remain competitive as other better financed competitors develop and release competitive products; regulatory uncertainties; access to equipment; market conditions and the demand and pricing for products; the demand and pricing of bitcoins; security threats, including a loss/theft of DMG’s bitcoins; DMG’s relationships with its customers, distributors and business partners; the inability to add more power to DMG’s facilities; DMG’s ability to successfully define, design and release new products in a timely manner that meet customers’ needs; the ability to attract, retain and motivate qualified personnel; competition in the industry; the impact of technology changes on the products and industry; failure to develop new and innovative products; the ability to successfully maintain and enforce our intellectual property rights and defend third-party claims of infringement of their intellectual property rights; the impact of intellectual property litigation that could materially and adversely affect the business; the ability to manage working capital; and the dependence on key personnel. DMG may not actually achieve its plans, projections, or expectations. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the demand for its products, the ability to successfully develop software, that there will be no regulation or law that will prevent the Company from operating its business, anticipated costs, the ability to secure sufficient capital to complete its business plans, the ability to achieve goals and the price of bitcoin. Given these risks, uncertainties and assumptions, you should not place undue reliance on these forward-looking statements.The securities of DMG are considered highly speculative due to the nature of DMG’s business.Factors that could cause actual results to differ materially from those in forward-looking statements include, failure to obtain regulatory approval, the continued availability of capital and financing, equipment failures, lack of supply of equipment, power and infrastructure, failure to obtain any permits required to operate the business, the impact of technology changes on the industry, the impact of Covid-19 or other viruses and diseases on the Company’s ability to operate, secure equipment, and hire personnel, competition, security threats including stolen bitcoins from DMG or its customers, consumer sentiment towards DMG’s products, services and blockchain technology generally, failure to develop new and innovative products, litigation, increase in operating costs, increase in equipment and labor costs, failure of counterparties to perform their contractual obligations, government regulations, loss of key employees and consultants, and general economic, market or business conditions. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The reader is cautioned not to place undue reliance on any forward-looking information. The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, the Company undertakes no obligation to comment on the expectations of, or statements made by third parties in respect of the matters discussed above.Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.